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Oil & Gas Variable Frequency Drives Market Size

Report ID: GMI6514
Published Date: Aug 2023
Report Format: PDF

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Oil & Gas Variable Frequency Drives Market Size

Oil & Gas Variable Frequency Drives Market was valued at USD 3.4 billion in 2023 and is projected to observe a growth rate of 3.9% between 2024 and 2032. Growing demand for efficient alternatives across energy-intensive industries coupled with positive outlook towards reducing the operational expenses will favor the deployment of industry size. The devices are designed to provide enhanced equipment protection and prevent equipment wear & tear by gradually starting and stopping motors, reducing mechanical stress.

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Variable frequency drives (VFDs) are electronic devices that enables the precise control of an electric motor's speed by adjusting the frequency and voltage of the electrical power supplied to the motor. The devices are also called as variable speed drives (VSDs) or adjustable speed drives (ASDs). In addition, VFDs are commonly used in various industries, including the oil and gas sector, to regulate the speed of pumps, fans, compressors, and other equipment. Moreover, the growing integration of Internet of Things (IoT) technology into industrial processes to enhance operational efficiency and predictive maintenance positively catering to the oil & gas variable frequency drives market demand.

Oil & Gas Variable Frequency Drives Market Report Attributes
Report Attribute	Details
Base Year:	2023
Oil & Gas Variable Frequency Drives Market Size in 2023:	USD 3.4 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	3.9%
2032 Value Projection:	USD 4.8 Billion
Historical Data for:	2019 to 2023
No. of Pages:	470
Tables, Charts & Figures:	676
Segments covered:	470 Voltage, Drive, Application, and Region
Growth Drivers:	Accelerating energy consumption Growing measures to integrate energy-efficient alternatives Mounting investments across conventional & unconventional oil & gas reserves
Pitfalls & Challenges:	Positive outlook towards sustainable technologies

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Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of oil & gas variable frequency drives exceeded USD 3.4 billion in 2023 and is set to grow at 3.9% CAGR through 2032, due to the rising demand for efficient alternatives across energy-intensive industries and the positive outlook towards reducing the operational expenses.

The AC drives segment garnered over 76% of the market share in 2022, on account of the high adoption of digital technologies, including data analytics and artificial intelligence for hydrocarbon exploration & production activities.

Asia Pacific market crossed USD 1.5 billion in 2022, owing to the rapid rate of urbanization, industrialization, and mounting investments across energy-intensive industry verticals.

WEG, ABB, Siemens, Honeywell International Inc., Danfoss, TMEIC, Rockwell Automation, CG Power & Industrial Solutions Ltd., YASKAWA ELECTRIC CORPORATION, Emerson Electric Co, Schneider Electric, and Eaton are some of the oil & gas variable frequency drive companies worldwide.